Starlink is the worst case of a deceptive EBITDA story having no path to a GAAP profit or free cash flow. The IPO needs to happen before people realize that the

Starlink is the worst case of a deceptive EBITDA story having no path to a GAAP profit or free cash flow. The IPO needs to happen before people realize that the satellites that are being counted as an asset spread the deception throughout the organization, including what many people see as a big technological and profitability success in the Falcon 9 business. If Starlink isn't generating self-sustaining income from subscribers, it can't possibly be the source of cash to refurbish Falcon 9 boosters.